Sweeping product intervention rules put FCA in the driving seat

Today, the outgoing Financial Services Authority (FSA) published a consultation paper outlining how the FCA plans to use new powers given to it under the Financial Services Bill, which allows the regulator to intervene in products without consulting the industry. The FCA wants to be able to add or remove certain features of products , and to intervene in products where it deems there is a "significant incentive for inappropriate or indiscriminate targeting of consumers". Other scenarios the FSA gives of where the FCA wants to flex its muscle is in markets where firms restrict their pr...